Remote Rechargeable Prepaid Cellular Service Peripheral Device

1. A system for transfer of electronic money, comprising: a back-end server, the back-end server including a transaction engine; and a cell phone adapted to communicate with the back-end server, the cell phone including: a transceiver adapted to transmit and receive information; a processor adapted to process information received and transmitted through the transceiver; and an internal data storage unit including memory which stores electronic money, the data storage unit containing instructions that when executed by the processor enable the cell phone to: receive and store user financial information including credit or debit card account information in said storage unit; receive a request for electronic money; begin communication with the back-end server for the purpose of transmitting the user financial information and the request after receiving the user financial information and the request; automatically transmit the user financial information and the request to the back-end server using the transceiver; and receive and store in said memory the requested electronic money from the back-end server; wherein the transaction engine is adapted to receive the user financial information and the request in order to authorize the request; and wherein the electronic money is transmitted directly from said memory in said cell phone with said cell phone functioning as a point of sale device to complete purchases.

2. A method for a user for conducting mobile commerce comprising: a) entering credit or debit card account information into a cell phone to request electronic money to be received by and stored in internal memory of the cell phone; b) sending and receiving the credit or debit card account information and financial transmission messages to and from the cell phone; and c) at a payment processing server, processing the financial transactions sent from or received by the cell phone including recalling the electronic money from the internal memory of the cell phone to conduct mobile commerce; and d) wherein the cell phone functions as a point of sale device.